Reference no: EM133188671

Global Talent Assessment Inc. aspires to expand internationally to introduce a new product that caters to consumers looking to disrupt this global industry. Their product is a cloud-based solution that integrates a business's payroll, benefits, human resources, and information technology into a modern system accessible via the web and mobile apps. It automates routine tasks by integrating all staff systems and data. A single overseas office will need to be established, complete with personnel, marketing, and financial requirements. The business environment will be analyzed using a variety of business techniques. This enables the company to comprehend the internal and the external world. The company will build new marketing, financial, and human resource initiatives. The entire business strategy will also consider a corporate social responsibility action plan. Global Talent Assessment Inc. is primed for global expansion because of its remarkable rise in the last few years. A majority of the company's top executives and democratically elected members of the workforce support the company's plans to grow in Australia over the next five years. 

Expansion to Australia

Successful Australian businesses will commit to reimagining themselves and taking significant actions to prosper in the new era. To achieve this, numerous firms will need to reevaluate their assumptions and seek new growth avenues in the post-pandemic age (Cruickshank et al., 2021). Due to the tumultuous and uncertain circumstances of the last several years, many firms are contemplating if now is the proper moment to begin international expansion.

Businesses have opted to concentrate on their domestic market due to Australia's economy's relative stability during the pandemic. Compared to other countries, the strength of the Australian home market provides a solid foundation for businesses. Australian businesses have an advantage over their international counterparts, still recovering from the financial crisis. New markets present their challenges and perils when expanding (Australia, 2018). Several Australian companies have found themselves trapped in foreign countries. Thorough knowledge of the formula for success may be the key to outperforming Australian enterprises that expand their operations abroad. Global Talent Assessment Inc can have an advantage in launching a new product for companies seeking an updated human resource system. Having a presence in the Australian market is generally a prerequisite for success. This usually entails designating an agent or distributor for American exporters. That appointment is negotiated and may encompass only a portion of Australia, the entire nation, or even New Zealand (International Business Publications, 2019). 

The application competes with popular HR management solutions such as ADP, Workday, Zoho, and SAP SuccessFactors. Managing the export strategy of the product and service will be necessary to its overall expansion plan to Australia.  Marketers are concerned with price elasticity, standardization versus localization, and the extent to which the country-of-origin influence should be emphasized or minimized. Concentrate on product, price, promotion, and place (the four Ps) in marketing, and agility, adaptation, and alignment (the triple A's) in supply chain management (Peng, 2017). Organizations must institute a proactive marketing plan that is proactive versus reactive. By examining the marketing mix's unique characteristics in Australia, we can identify potential niche markets and determine a marketing error. We share examples of international marketing campaigns that utilize corporate social responsibility (CSR) to promote the global image of the worldwide firm.

The four Ps of marketing are product, price, promotion, and place. It is vital to understand the unique characteristics of each of the four Ps. To ensure the success of a product or service in an international target market and businesses that want to sell something in a foreign country, they must think creatively (Leonard, 2018). It is vital to guarantee that the product is culturally relevant and meets the needs and wants of the target market. Standardization versus localization is a primary concern for global corporations. In France, McDonald's sells wine; in Germany, it offers beer; in Australia, it serves mutton pot pies; and in India, it sells curry. One of the primary concerns of MNEs is determining whether to advertise global or domestic brands. One rational solution is to create a product that appears to be locally adapted while maximizing synergy (commonality) in ways that customers will not readily recognize (Peng, 2017).

• What is an overview of the host country environment utilizing at least two business process analyses (PESTLE, and SWOT)
• What is the overall business strategy for the new venture (all other strategies should align to this strategy).
• What is a marketing strategy for the new venture, including the use of social media?
• What is a financial strategy for the new venture, including the concept of foreign money fluctuations and exchanges?
• What human resource strategies could be used for the new venture, including a recruitment and selection plan (think about the use of parent-country nationals [PCNs], third-country nationals [TCNs], and host-country nationals [HCNs] in this decision).
• What corporate social responsibility activities for the new venture that is specific to the selected host country.